By Sheri Kasprzak
Atlanta, Nov. 10 - Tiger Telematics Inc. has completed its $10.5 million private placement, the company said Wednesday.
The company on Nov. 3 sold 1,618,000 shares at about $6.48 per share. No warrants were issued in the offering.
The shares were sold to accredited foreign investors or corporations.
Tiger Telematics, based in Jacksonville, Fla., designs, develops and markets mobile telematic systems. It plans to use the majority of the funds raised in the private placement to buy game content for its Gizmondo Europe Ltd. multi-entertainment device. It also plans to use the funds for future increased marketing expenses.
| Issuer: | Tiger Telematics Inc.
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| Issue: | Stock
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| Amount: | $10.5 million
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| Shares: | 1,618,000
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| Price: | $6.48
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| Warrants: | No
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| Announcement date: | Oct. 7
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| Settlement date: | Nov. 3
|
| Stock price: | $14.85 at close Oct. 7
|
| Stock price: | $14.30 at close Nov. 3
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